Singaporean sovereign wealth fund GIC will ink a binding deal with India's Provenance Land "over the next few days" for a half stake in the luxury real estate developer, according to a report by The Economic Times of India, citing three sources with knowledge of the matter.
Although the exact interest GIC will pick up still has to be ironed out, one source told the publication that a stake sitting between the range of 26% and 49% would be sold to the fund, with the transaction set to value Provenance at 20.00 billion Indian rupees.
With its assets focused in India, Provenance owns the first Four Seasons Hotel in Mumbai and a luxury scheme being built up in Worli, the Aug. 3 report noted. The developer is also partnering GIC on a commercial scheme being constructed on an almost 2-acre plot, located close to the Four Seasons Hotel.
GIC's upcoming stake buy comes on the back of its 120.00 billion-rupee acquisition of a 40% interest in India's DLF Ltd.'s rental business in March.
As of Aug. 2, US$1 was equivalent to 63.66 Indian rupees.